Interview with Kresh Goomany, CEO of Emtel,
and Atul Bhatia, Chief Fintech Officer of Emtel.

“We want blink to be a service app, not just a payment app”

“To resolve existing challenges in cross-border payments and to meet the high demand for such services from an increasingly mobile global population, the financial services industry needs a mind-set shift. Banks and FinTech platforms must pivot to ‘co-opetition’: a mix of competition and collaboration to achieve greater interoperability and standardisation,” says Atul Bhatia. In this interview with BIZWEEK, Kresh Goomany, CEO of Emtel, and Atul Bhatia, Chief Fintech Officer, discuss the development and features of blink, its role in fostering financial inclusion, and its integration with global payment systems such as India’s UPI. They emphasize their vision for blink as more than just a payment app. Looking ahead, Kresh Goomany envisions a shift in the payment landscape, where cash will be largely replaced by mobile and digital wallets. “The disruptive nature of digital payments means that every day brings new challenges and urgencies that require us to adapt and collaborate closely with stakeholders to provide excellent customer service,” added Atul Bhatia.

Mr. Goomany, could you briefly introduce yourself and your career in the technology sector? 

Kresh Goomany, CEO of Emtel – I have completed 32 years of work experience this year. In my recent roles, I worked at Comviva Technologies Ltd from October 2006 to May 2011 as the VP of Sales for Africa, was a Managing Partner at Anglo African Ltd from May 2011 to June 2013, and the COO for Africa Operations at Mahindra Comviva from June 2013 to July 2014. I joined Emtel in August 2014 and held the positions of COO and Deputy CEO before heading the company as CEO since January 2021. Overall, I was fortunate to have a diverse range of experiences within the telecommunications sector, including executive leadership, operations, technical, and sales.

What inspired Emtel to focus on digital payments and innovation?

Kresh Goomany – Ever since its inception 35 years ago, Emtel has strived to bring in innovation, and has continually stayed ahead of the technological curve. Our products and services speak for themselves – from the first mobile operator in Mauritius and the Southern Hemisphere in 1989, the first 3G in Africa, the first 4G in Mauritius, the first of its kind data centre in Mauritius, the first high speed plug and play internet service, and the first to launch wide-scale 5G services in Mauritius, just to name a few. 

It was natural for us to launch blink as a cutting-edge payment app, driven by the vision of empowering people in Mauritius with innovative financial instruments at their fingertips.

How would you describe the current state of the mobile and digital payment sector in Mauritius?

Kresh Goomany – The Bank of Mauritius (BoM) rolled out the PSP (Payment Service Provider) License guidelines in 2019, and blink embarked on its commercial journey in May 2022. These are exciting times, with immense growth potential! The digital & mobile payment ecosystem is growing at a rapid pace in Mauritius. 

The contactless payment transactions, as of September 2023, stood at 45%, placing Mauritius in the top three in Sub-Saharan Africa in terms of contactless penetration. This is an impressive achievement indeed, which has been accelerated by the pandemic. 

Since then, the payments landscape has only become more vibrant. The BoM statistics released in October 2024 showed that mobile payments went from 6.8 mn transactions in September 2023 to 9.4 mn transactions in September 2024. Moreover, the number of users rose from 1.5 mn in September 2023 to 1.7 mn in September 2024. The transaction volume has reached around Rs 20 bn per month, and I am sure it will surpass card transactions very soon.

I foresee the use of cash being phased out by mobile and digital wallets. Customers will focus on streamlining their requirements and increasingly rely on a single app for all their needs” – Kresh Goomany. 

What challenges and opportunities do you see in this sector within the Mauritian context?

Kresh Goomany – In terms of opportunities, our business objectives align closely with Mauritius’s vision to become a digital economy. In 2018, the Ministry of Information Technology, Communication and Innovation laid out a comprehensive Digital Mauritius 2030 Strategic Plan. The aim of the plan is “to embed the use of technology in the day-to-day life of every Mauritian.” The digital payment ecosystem is a crucial aspect of this. We see blink being a big part of this accelerated technology adoption across Mauritius.

At the outset, mobile payments reduce the risks associated with carrying cash. With blink, transactions are secured by passwords and the phone’s security features, mitigating the risks of theft or loss. The convenience extends to shopping as well, where users can simply scan QR codes to make payments. Customers can make bill payments for all utilities, as well as government payments like NTA, MRA and more, from the convenience of their homes or offices. blink also enables instant mobile top ups for anyone, at anytime, and anywhere, with no extra cost.

On opportunities, blink is an app that allows you to link multiple bank accounts to make payments at zero cost. We would like to extend features beyond boundaries. Those opportunities include micro loans, and buy now pay later. More than just a payment app, blink will evolve into a lifestyle app.

As for challenges, cyber risk is always high on our agenda, as customers in Mauritius prioritise security over convenience, and rightly so. blink continuously invests in the required tools and technologies to ensure customers are adequately protected against cyber threats. 

What makes mobile payment solutions like blink different from traditional internet banking? blink is “always instant at zero cost.” Can you elaborate on this model and its impact on the payment ecosystem?

Kresh Goomany – blink has been designed with the specific goal of making payment services easily and seamlessly accessible to everyone in Mauritius in a fast and cost-effective way. Regardless of who they bank with, and which mobile operator’s SIM they use, they can conduct their transactions. blink is an app for anyone as long as they have a bank account and a smartphone with a wireless data connection.  

With blink, transactions are instant, and it has no limitation on movements of funds, even if they are across banks. All this with no cost to the consumer! Any payment transaction done on blink – from peer-to-peer, Scan & Pay, Biller payments, mobile top ups, and even UPI transactions in India – is at zero cost to the user. Everything is digital, fast and secure – at your fingertips on your mobile phone. 

The impressive 41% increase in mobile payments in Mauritius this year, compared to last year, can be attributed to such factors as customer convenience, cost savings, and the growing acceptance of smartphones as a secure payments tool.

blink has positioned itself as a disruptor in the tech and telco sector in Mauritius. Could you share more about its journey and how it has evolved over time?

Kresh Goomany – blink started with mobile payments in Mauritius, Rodrigues and Agalega, facilitating the lives of people in sending money transfers to other bank account holders, scanning & paying in shops, and in setting up automatic payments to pay bills or to top up their mobiles. All instantly and at zero cost.

Today, blink users can scan UPI codes in India to make payments, avoiding the hassle of carrying cash and converting into different currencies before availing Indian Rupees. They have access to over 50 million retailers, as well as others who use UPI QR codes. The transactions are facilitated via their bank accounts in Mauritius.

How does blink aim to support and facilitate transactions for merchants of all sizes? 

Atul Bhatia, Chief Fintech Officer of Emtel – For merchants of all sizes, blink offers a self-onboarding platform that allows them to get started quickly. This streamlined process is designed to make it easier for merchants to begin accepting payments. The blink platform’s broad compatibility is another key enabler for merchants to accept payments from any payment apps and customers banking anywhere in Mauritius. 

For business transactions, blink has enabled payments via QR codes (Scan & Pay). Whether you are an SME or a large enterprise, all your payment needs can be handled via blink, from simple Scan & Pay at outlets, e-commerce payments or use of payment links.  We also offer payment at delivery for distribution companies, via digital or physical QR codes.

Finally, businesses can also enable contractual payments via Biller mode on blink, be it utility bill payments, insurance or government dues.

blink is known for its technology-first approach. Could you highlight some of the unique features and technologies that set blink apart in the market?

Atul Bhatia – At blink, we stay at the forefront by adopting technologies relevant to our market. Here, anticipating future trends and integrating emerging technologies like artificial intelligence is increasingly crucial. These technologies enhance our ability to understand customer needs, and lead to better customer service and innovative product development.

Moreover, blink can leverage on the already established Emtel infrastructure to efficiently and effectively scale our services and developments. This support enhances the credibility and trustworthiness of our services, benefiting both blink customers and merchants. 

You’ve mentioned that the biggest element is “service.” Could you explain what this means in the context of blink‘s operations and customer experience?

Atul Bhatia – The disruptive nature of digital payments means that every day brings new challenges and urgencies that require us to adapt and collaborate closely with stakeholders to provide excellent customer service. We prioritise by constantly discussing with stakeholders to understand urgencies and potential revenue-enhancing and cost saving opportunities, focussing on aspects that significantly improve customer experience. 

We ensure that operations are smooth and secure, enabling customers to make mobile payments effortlessly. The role of thorough training for new team members is also key to ensuring great service levels. The process is systematic; new team members go through detailed training plans to understand operations end-to-end, ensuring continuity and efficiency.

We also seek feedback from the market through timely market research. A recent survey done by blink on 270 merchants has given us valuable insights into the challenges and opportunities facing our consumers, and we intend to integrate these lessons into our products and services as we go into 2025.

What category of merchants does blink have, and what has been the response from the business community in Mauritius?

Atul Bhatia – All businesses from SME / MSME, big enterprises & even the public sector are working with blink, either as merchants or a biller. Our objective is to ensure the expansion of the digital payment ecosystem in Mauritius, and to enable safe, transparent and cost-effective solutions for our partners. In less than 3 years, businesses have shown their trust, and the business community at large has accepted blink. 

Our app not only makes it easy for them to make payments and keep track of their finances, but it also provides a cost-effective way compared to traditional methods.

UPI has gained traction internationally, with several countries exploring similar systems. Do you see opportunities for Mauritius to integrate with global digital payment platforms? And if so, how?Atul Bhatia – With UPI integration, blink customers can transact via blink using scan & pay at millions of shops and outlets in India that use BHIM UPI QR codes, and make purchases directly from their Mauritius bank account at no extra charges. They only pay the one-time conversion cost, which is more competitive than the market rates. Thus, the integration with global digital payment platforms unlocks significant benefits for consumers in Mauritius. 

The ability to use blink to scan and pay in India eases transactions for Mauritian nationals travelling to India, and for Indian nationals travelling to Mauritius. This move enhances financial integration between the two countries, broadening the customer base and facilitating the lives of travellers.

What role do cross-border payment systems and interoperability play in the future of digital payments?

Atul Bhatia – According to the Bank of England, global cross-border payment flows are projected to surge to over US$250 trillion by 2027 – a rise of over US$100 trillion from 2017.

To resolve existing challenges in cross-border payments, and to meet the high demand for such services from an increasingly mobile global population, the financial services industry needs a mind-set shift. Banks and FinTech platforms must pivot to “co-opetition”: a mix of competition and collaboration to achieve greater interoperability and standardisation. Several central banks globally have launched linkages between their domestic instant payment systems, where commercial banks and FinTechs can participate, and where the rules and admissions criteria for each licence class are clearly defined.

These include bilateral integrations in Mauritius, such as blink and UPI, that help individuals and businesses remit funds overseas in real-time, unlocking unparalleled convenience, security and new economic opportunities for many.

Do you believe Mauritius can transition into a cashless society? If so, what steps would be required to make this happen, and what benefits could it bring to the economy and society?

Kresh Goomany – We have a total of 2.10 million cellular mobile connections active in Mauritius, with this figure equivalent to 161% of the total population! Also, key economic segments are equipped from a physical acceptance standpoint – be it supermarkets, pharmacies, food and grocery, or restaurants. 

So, I think Mauritius is going in the right direction. We just need to address pain points around psychological acceptance and traditional consumer mind-sets. The banks and regulators must play an important role in terms of platform stability, enabling open banking. The convenience, security, and expanding functionality of mobile-based solutions like blink are poised to redefine the payments landscape in Mauritius. 

What are some of the potential risks associated with moving towards a fully digital payment system, and how can they be mitigated? 

Kresh Goomany – Service disruption and cybersecurity threats are key risks that accompany a move to a fully digital payment system. In addition, we risk excluding segments of the population such as the elderly, who might find it challenging to move to technology at an advanced stage in life.

At blink, we ensure a seamless technological infrastructure to counter both service disruption and cybersecurity threats. This involves multiple layers, starting with a competent team responsible for operations, infrastructure, and security. We understand that it is crucial to maintain robust security to build customer trust. 

When it comes to driving acceptance among all ages, there is a lot of customer education that has been done, with advertising also playing a crucial role in driving awareness and adoption. In addition, more and more people are switching to smartphones, which allows them to download and use blink for their payments.

How can mobile and digital payment platforms like blink support financial inclusion, particularly for unbanked or underserved populations?

Kresh Goomany – At blink, we extend informative initiatives in universities and rural areas to showcase digital payment solutions, facilitating adoption and promoting financial inclusion. 

In enabling SMEs and small entrepreneurs to accept payments digitally, we have accumulated a wealth of insights from talking to customers and merchants about their pain points. These key insights allow us to personalise financial services and design flexible products for different customer segments. Such tailored solutions will ultimately foster greater financial inclusion.

The global digital payments market is evolving rapidly. What emerging trends or technologies do you see shaping the future of the industry?

Our thrust on FinTech should not be limited to payments only. blink’s strategy includes expanding our capabilities beyond mere transactions. We want blink to be a service app, not just a payment app.

This vision involves transforming blink into a universal platform that facilitates various services – from education, loans, remittances, contactless payments solutions, insurance and payment, to government services.

How can Mauritius position itself as a leader or innovator in the regional digital payment space?

In the regional digital payment space, telecom companies are increasingly partnering with FinTech firms to offer digital financial services such as digital payments, insurance and microloans. This trend reflects a growing demand for integrated services that combine mobile connectivity with financial solutions. 

As one of the few economies to offer 5G in Africa, Mauritius can adopt FinTech innovations together with the unparalleled speed and connectivity that 5G offers. At blink, we look forward to improving the experience for our customers, billers and merchants; and transforming the digital payments landscape.

What are blink’s future plans in Mauritius, and potentially beyond? How do you see the company shaping the digital payment landscape in the years to come?

Atul Bhatia – The future of blink is geared towards becoming a comprehensive service provider, integrating multiple functionalities into a single, user-friendly app. 

Of course, we have launched it for people to use in India, but our forward-thinking approach is not just about expanding the app’s reach, but also enhancing its usage and relevance. This involves significant efforts in user education, onboarding service providers, and increasing awareness about the app’s capabilities.

If you had to envision the payment landscape 10 years from now, both in Mauritius and globally, what would it look like? 

Kresh Goomany – I foresee the use of cash being phased out by mobile and digital wallets. Customers will focus on streamlining their requirements and increasingly rely on a single app for all their needs. This is where we see blink transforming the payments landscape in Mauritius over the next 10 years.